Debt crisis: Spain bows to EU ultimatum with drastic cuts - Telegraph: "“We Spanish no longer have the choice whether or not to make sacrifices. We no longer have such liberty,” he said. Hours before, daily newspaper El Pais had stunned the nation by publishing the leaked “Memorandum” imposed by the eurozone’s creditor bloc as the condition for Spain’s €100bn bank rescue. The draconian terms include an EU takeover of the Spanish financial system, with calls for haircuts on €67bn of junior and hybrid bank debt, a bad bank to wind down crippled lenders, “on-site” raids by inspectors, and intrusive demands across the gamut of fiscal policy."

EU Leaders Fail to Convince
Wall Street Journal
Once again, a summit of European leaders raised hopes that the euro zone's debt and banking crisis could be about to turn the corner. And once again, those hopes were soon dashed.Wall Street Journal

Euro zone could lose 4.5 million more jobs, UN agency warns
Los Angeles Times
WASHINGTON -- The European debt crisis could trigger the loss of 4.5 million more jobs over the next four years if national leaders don't take steps to repair the financial system and help job seekers, a United Nations agency is warning.

US exports gain, despite Eurozone crisis and China slowdown
Los Angeles Times
WASHINGTON — The nation's trade deficit narrowed for the second straight month in May as American exports eked out a 0.2% gain from April — despite the global economic slowdown and the strengthening of the U.S. dollar, the Commerce Department ...

Guide to Trading Forex as Eurozone Risks Losing 4.5m Jobs
MarketWatch (press release)
LONDON, July 11, 2012 /PRNewswire via COMTEX/ -- The United Nations has warned in a report that if current economic policies, aimed at austerity, do not change, the eurozone may lose 4.5 million jobs over the next four years. The report published by ...

TREASURIES-Global worries keep US 10-yr yields near 5-1/2 wk low
Reuters
LONDON, July 11 (Reuters) - The yield on U.S. 10-year Treasuries hovered near 5-1/2 week lows in Europe on Wednesday and within sight of historic troughs on concerns over a global economic slowdown and the euro zone debt crisis. * Rising expectations ...

Euro slides to 2-year low vs dollar, $1.20 in focus
Reuters
NEW YORK (Reuters) - The euro plunged to a two-year low against the dollar on Tuesday and further declines were likely as euro zone ministers failed to calm fears about the debt crisis and investors awaited.

Spain banks to minimize hit for small investors
Reuters
Although no overall figure for losses is yet clear due to uncertainties about the euro zone bailout of banks stricken by a housing bust and recession, retail investors are reckoned to hold some 30 billion euros ($37 billion) in subordinated debt and ...

Eurozone Offers 30 bln Euros for Distressed Spanish Banks
Journal of Turkish Weekly
In another key appointment, Germany's Klaus Regling, head of the eurozone's temporary EFSF bailout fund, was named to run its permanent successor, the European Stability Mechanism. The June summit agreed that the ESM will be able to inject funds ...

Italy eyes euro zone aid to ease debt pain
BusinessLIVE
Monti's comments show the 2-1/2 year-old euro zone crisis risks engulfing Italy, the bloc's third-largest economy and a member of the Group of Seven economic powers that is widely viewed as too big to bail out. Overnight, finance ministers outlined an ...BusinessLIVE

BREAKINGVIEWS-Spain rightly forced to consider bank bail-in
Reuters
MADRID/LONDON, July 11 (Reuters Breakingviews) - Spain's economy minister Luis de Guindos recently said bank preference shares should never have been sold to mainstream retail investors. It's easy to see why. Euro zone lenders may be about to force ...

Spain Announces Tough New Austerity Measures
New York Times
Published: July 11, 2012. MADRID — Struggling to meet euro zone financial targets, Prime Minister Mariano Rajoy of Spain introduced his latest package of tough austerity measures Wednesday, including a rise in the sales tax, reversing his previous stance.New York Times

ILO: Eurozone Risks Losing 4.5 Million Jobs By 2016
RTT News
A report by the International Labor Organization (ILO) has warned that the Eurozone risks losing a further 4.5 million jobs over the next four years if the single currency bloc fails to change its current economic policies quickly.

ILO says eurozone must avert growth in jobless
New Zealand Herald
Unemployment could rise to almost 22 million in the 17-nation eurozone over the next four years unless European nations provide more help for small firms and the millions of youth.

Eurozone may lose 4.5mln jobs if no reform — RT
By RT
Four and a half million people could find themselves without a job in the eurozone over the next four years if it fails to carry out reforms on time, the International Labor Organisation (ILO) said in its latest report.
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Photos – Financial crisis deepens in Spain, leads to violent protests ...
By Chris Wilkins / Deputy Director of Photography
A demonstrator bleeds as she is detained by the riot police during a coal miners's march to the Minister of Industry building in Madrid, Wednesday, July 11, 2012. Coal miners angered by huge cuts in subsidies converged on Madrid for protest ...
Photography Blog

Can Eastern Europe escape the eurozone crisis? - the daily cz
By Staff
“The eurozone crisis continues to cast a long shadow over the global economy. Until now, however, countries in Eastern Europe – some eurozone members, others not – have shown remarkable resilience, after being hit harder by the ...
The Daily Czech Rep.

Eurozone woes to slow US business travel | ABTN
By Rob Gill
The impact of the eurozone crisis is set to “dramatically slow” the growth of business travel in the US for the rest of the year. The latest report from GBTAGlobal Business Travel Association: formerly the NBTA (National Business Travel ...
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